Jobless claims seen reversing recent weekly drop

It’s likely that a Thursday report will show that initial jobless claims rose in the most recent weekly data, reversing most of the drop from the prior weekly period, according to a consensus forecast.

Economists polled by MarketWatch expect the government to report that initial jobless claims rose 11,000 to 300,000 in the week that ended Aug. 9, offsetting most of the 14,000 drop in the prior week. Even including the expected increase, initial claims for regular state unemployment-insurance benefits would still be at an extremely low level, close to pre-recession figures, signaling that employers are laying off very few workers.

Low claims levels echo other data demonstrating that the U.S. labor market is strengthening. Reports earlier this week showed that job openings recently hit the highest level since 2001, competition for spots is dropping, and that even hard-hit groups are having an easier time in the labor market.

The U.S. Labor Department will release the claims data at 8:30 a.m. Eastern.

Also at 8:30 a.m., the Labor Department will report on import prices for July, and economists expect a 0.3% drop, compared with growth of 0.1% in June.